Jun 01, 2011
VANCOUVER, June 1, 2011 - Commander Resources Corp. (TSX.V:CMD) ("Commander") and Maritime Resources Corp. (TSX.V:MAE) ("Maritime") report that they have entered into an Exploration and Development Alliance ("Alliance") with London and Newfoundland based Rambler Metals and Mining plc (TSX.V:RAB, AIM: RMM) ("Rambler"). The Alliance will see the sharing of technical expertise for the exploration and development of two main properties in the Green Bay area of Newfoundland and Labrador. Both projects are in the advanced exploration stage.
A quick start-up to production will be the primary focus, given the majority of the infrastructure is already in place, but during the compilation some effort will be made to evaluate the expansion of the old mine.
Eric Norton, President and CEO of Commander & Maritime states:
"Working in a cooperative manner with Rambler will help shareholders of both parties optimize the value of their respective assets. The availability of a mill locally, with a proven track record of high recoveries of gold from this ore, has the potential to significantly accelerate the opportunity of early cash flow to Maritime and Commander".
Peter Mercer, VP Corporate Development, Rambler commented:
"The signing of this Alliance allows the marrying of Maritime's success in exploration and Rambler's ability to develop projects from exploration all the way through to production. In addition, through the Company's work at the Ming Mine, it has developed particular expertise in evaluating and developing brown-field sites which will be an asset when determining the economic potential of re-opening the Hammerdown mine.
The Alliance also provides Rambler with the opportunity to bolster our potential project pipeline and improve our ability to grow the Company over the longer term."
The Green Bay Property:
The primary asset of the Green Bay property is the Orion gold deposit which was first discovered by Commander Resources in 1995. While Orion itself is in the advanced exploration stage the land package has already been host to one profitable mining operation, the Hammerdown gold deposit, also discovered by Commander's predecessor company, Major General Resources, partnership with Noranda in 1989. Over the four years in operation Hammerdown produced nearly 315,000 tonnes of ore with an average grade of 16.1 g/t gold. All material was trucked and processed at the Nugget Pond Hydromet facility where approximately 157,000 ounces were recovered representing a gold recovery better than 95%. The average gold price while Hammerdown was in operation was $275 US per ounce forcing a cut off grade of 6.9 g/t gold. While much of the original Hammerdown Main zones were mined out, the owners at that time elected not to mine some of the neighbouring veins due to the low price of gold.
The Orion property is located within 2 kilometres of Hammerdown, 10 kilometres off the Trans-Canada Highway, and is readily accessible via paved and dirt roads. Orion is jointly owned by Maritime Resources and Commander Resources and is operated by Maritime. Maritime has the right to increase its ownership to 100%, from 50%, by issuing an additional 5 million shares to Commander. The property has over 15,000 metres of diamond drilling and a NI43-101 compliant inferred resource of 119,374 ounces of gold from 710,285 tonnes at an average grade of 5.227 g/t (using a 3 g/t cut-off grade).
Currently Maritime is managing a diamond drill program on Orion to evaluate the potential of extending the known mineralization up-plunge to the southwest in addition to some infill drilling to improve the existing resource. It is anticipated that the next program will focus drilling on extending the Orion deposit to the north-east. During this time Rambler will assist Maritime with their evaluation so that future exploration programs will be geared toward the goal of accelerated production.
Larry Pilgrim, P.Geo. is the Qualified Person responsible for the technical content of this release.
On behalf of the Board of Directors,
President & CEO
For further information, please call:
Investor Relations: Cathy DiVito, Investor Relations
Toll Free: 1-800-667-7866
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